Ask any realtor, “Is real estate a good side hustle?” and they will likely steal a smile before responding. The truth is, an average realtor knows that a real estate gig is a handful. So, taking someone’s full-time job as a side hustle could seem incredulous, but it is possible.
Now, whatever hustle you intend to take up as a real estate agent, it has to meet some criteria to be successful. It has to be a diverse source of income. It has to be easy to start, with a minimal outset cost, in a short period. Also, the hustle must not be such that it asks too much of you; it must fit into your broad itinerary.
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The Pros of Having a Real Estate Agent Side Hustle
There are multiple advantages of starting a real estate side hustle beyond the extra income. Here are the most prominent merits:
1. It Makes Your Business Recession-Proof and Smoothes Out the Financial Rough Edges
The real estate industry is seasonal, meaning income does not remain the same throughout the year. So, a side hustle dampens the inconsistency of income from the real estate business.
2. Could Become an Avenue of Adding Value to Clients
Your side hustle could add value to your client and become a selling edge. For example, you could offer photoshoots as a side perk to your real estate business. Of course, it starts with one client who might need professional photos for their housewarming party.
This kind of side hustle would be great if you have professional photography skills. If not, you could hire a professional photographer to get your clients the nice photos they crave. In the end, everyone’s happy, and business is above board. You could even get free referrals and marketing from satisfied customers.
3. It Makes Financial Independence More Feasible
Most people eye jobs that earn brings in seven figures, albeit at the expense of quality time. While money is good for all it can buy, existentially, humans hardly need more than is required for a comfortable life. So, enjoy wealth and financial freedom; what each individual should strive for is an income source that is independent of you.
That means that any healthy side hustle should help you attain your financial goal with minimal intervention. There are several ways through which a real estate agent could make passive income. For example, You could share valuable content about their industry-specific knowledge and get the content monetized. You could write blog posts or an expert-spiced KDP book.
For most of these passive income sources, all you need is a once-for-all initial investment of your time; the rest is a steady influx of money.
The Cons of Having a Real Estate Agent Side Hustle
Unfortunately, as plausible as a real estate side hustle may sound, the best in the lot is not foolproof. Here are some cons of running one:
1. It Brings You Within the Precincts of Burnout
When the hustle is poorly managed, it could increase your earnings and simultaneously eat deeply into your life. A healthy side hustle should fit into your life, not the other way around.
2. The Business Will Ask Something of You
Sacrifices are inevitable; nothing goes for nothing. Summarily, no one ever started a hustle with zero capital and no direct involvement. You would be required to make some personal sacrifices.
3. You End Up Serving Two Masters
As long as the side hustle is live, your attention is divided between the two. Except, of course, you manage to leverage, at which point the side hustle would morph into a full-blown business and take on a life of its own.
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How to Start a Career in Real Estate
We all know the correct response to the question: “Is real estate a good career?” Real estate is a promising industry with many prospects for people seeking a career niche. For example, a real estate agent interacts with potential home buyers and helps them buy their dream property. However, like any career path in the real estate industry, certain steps are necessary to get started. Let’s run through some of them:
1. Get Qualified and Start an Internship
A high school diploma is the minimum educational requirement for starting a real estate career. This means you could work towards obtaining a practice license right after high school. However, to go in big, you may want to get a bachelor’s degree in industry-relevant courses like property tax, business administration, or real estate.
2. Obtain a License to Practise
Before practicing in any capacity in the real estate industry, it is necessary to apply for licensing to qualify as a real estate broker. This license allows you to practice across the US, but you would have to pass a licensing exam.
3. Hunt for Entry Level Positions
Certifications and licenses aren’t worth much without the requisite experience. So, endeavor to intern with reputable real estate brokerage firms to learn how the industry works.
4. Build Your Personal Brand
After a few years of grinding the axe and gaining some tangible experience, you could branch off independently. The peak of a real estate career is to start and run a consultancy of your own.
In this piece, we have covered the pros and cons of a real estate side hustle and how to break into the real estate industry. So, pick your career and side hustle carefully.